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Consumer products manufacturers do not have organizations that are set up to succeed with connected products. For many companies, their CIOs now find themselves heading major product initiatives when just last year all of their focus was on internal infrastructure and operations and nothing to do with product. This is a seismic shift for organizations and it needs to be addressed to achieve success.

Likewise, for most manufacturers, their business models previously relied on selling tonnage to retailers and hoping to never hear back from that product again — because that would mean a warranty or support claim. In the connected product world of IoT many new business relationships and revenue streams are opening up for those brands looking for opportunity. But even the most forward-looking of consumer brands will find that this new world can be very difficult to manage.

This will be the key turning point or deciding factor on how our world is going to run in future. There should be defined standards for all IoT enabled products & have to undergo strict security testing which will ensure that data is safe & at the same time we don’t end up like a Judgement day in Terminator. Cyber attacks is increasing , the major concerns from consumer is regarding security of IoT devices. We have to look from bother software & physical side of security. At the same time the device can be hacked through software, all the devices are vulnerable physically also. We are expecting the industry to respond , considering this as the priority and deploy the latest security technologies and adopt security best practices. We can see already few of the government security agencies & organization are collaboratively working on these.

Security and Privacy:
Security is an essential pillar of the Internet and one that to be equally essential and the most significant challenge for the IoT. As Increase the number of connected devices increases the opportunity to exploit security vulnerabilities, as poorly designed IoT devices can expose user data to theft by leaving data streams inadequately protected.A latest research claims that by 2020, 25% of cyber attacks will target IoT devices.

Major security issues in iot have been raised that the IoT is being developed rapidly without appropriate consideration of the profound security challenges involved.Most of the technical security concerns are similar to those of conventional servers, workstations and smartphones. Security is the biggest concern in adopting Internet of things technology. As the Internet of things spreads widely, cyber attacks are likely to become an increasingly physical threat.The vulnerabilities include weak authentication (IoT devices are being used with default credentials), unencrypted messages sent between devices, lack of verification or encryption of software updates.

Regulations and Standards:
One of the key drivers of the IoT is data. The success of the idea of connecting devices to make them more efficient is dependent upon access to and storage & processing of data. Companies working on the IoT collect data from multiple sources and store it for further processing.Lack of proper Reguation and standards will open up the possibility for for privacy and security dangers. IoT regulation depends on the country. Several standards for the IoT industry are actually being established relating to automobiles because most concerns arising from use of connected cars apply to healthcare devices as well. Lack of standards and documented best practices have a greater impact than just limiting the potential of IoT devices.These are because of still early days for IoT in government and unclear business models, despite strong value proposition.Without the right standards to guide and regulate manufacturers the developers may design products that operate in disruptive ways and If they are configured or designed poorly, these devices may have huge consequences on resources they connect.

Lack of Interoperability:
Another one of the main internet of things challenges is IoT devices lacking interoperability. With numerous vendors, OEMs, and service providers in IoT business, it has become really difficult to maintain interoperability between different IoT systems.Sensors and connectivity are the integral components of IoT. But not every IoT soutions are equipped with advanced sensors and networking capabilities to effectively communicate and share data between different builds and manafucturers. It will be really challenging to identify a easy solution for this. However from end user perspective this is a really needed capability in a IoT devices.